Sunly, an Estonian renewable energy company, has secured a landmark €85 million in financing from SEB for the construction of four major solar parks in Latvia. With a planned total capacity of 329 MW, this initiative is not just a significant investment; it’s one of the largest solar park projects in the Baltic States to date. This development provides an impressive boost to Latvia solar capacity and marks a crucial step in the nation’s energy transition towards greater sustainability and independence.
Latvia solar parks: Powering 110,000 Households
Once operational, the new solar parks are projected to generate enough clean electricity to power approximately 110,000 households. This substantial output will also play a vital role in environmental protection, contributing to a reduction in carbon emissions by an estimated 150,000 tons annually. Understanding the basics of solar panel manufacturing is key to appreciating how these installations convert sunlight into such a powerful source of clean energy for communities.
“Thanks to this financing, we are taking another significant step forward in implementing our solar portfolio in Latvia. By the end of the year, Sunly will have a total of 500 MW of solar capacities under construction in the Baltics, which will be ready for energy production during 2024 and 2025,” said Priit Lepasepp, CEO of Sunly.
Key Solar Projects Across Latvia solar parks
The financing will cover four specific large-scale projects: the 180 MW Brocēni project, the 71 MW Aizpute project, the 54 MW Cesvaine project, and the 24 MW Saldus project. These developments are part of the 2 GW of development rights that Sunly acquired from SIA Energy Solar Projekti (ESP) in November 2022, signaling a long-term and large-scale commitment to the region.
Building utility-scale solar farms involves a complex logistical chain, from sourcing high-quality solar panel raw materials to deploying specialized solar panel manufacturing machines for assembly. Sunly’s pipeline also includes several other key projects, such as the 91 MW Kliņģeru, 42 MW Sigulda, 35 MW Jaunmuiža, and 30 MW Ventspils parks. This is in addition to a 5 MW solar park in Jēkabpils, which commenced operations in June 2024.
Sunly’s Commitment to Renewable Energy in Latvia solar parks
Sunly has established itself as a prominent renewable energy developer and independent power producer (IPP) not only in the Baltics but also in Poland and other Central and Eastern European countries. As an IPP, Sunly develops, builds, owns, and operates its power plants, selling the electricity to the grid. The company currently manages a diverse portfolio of over 3 GW of renewable energy projects in various stages of development.
Sunly’s core mission is to advance onshore renewable energy projects that contribute to a secure and sustainable future. The company is on an ambitious track to expand its operational renewable energy capacity to 1 GW by 2025, with a long-term vision of reaching 4 GW.
SEB’s Role in Financing Sustainable Latvia solar parks Projects
The financial backing for this ambitious project comes from SEB, a leading Northern European financial services group with over 4 million customers. The bank has made financing sustainable projects a strategic priority. In 2023 alone, SEB provided a total of €6 billion in financing for renewable energy initiatives, underscoring its commitment to the green transition. Understanding a solar panel manufacturing plant cost breakdown helps put the scale of this €85 million investment into perspective.
“Providing financing for renewable energy projects is one of our strategic priorities. It is also important for us to help companies implement such projects and contribute to the decarbonization of the energy sector. We are pleased to be able to finance such a large portfolio of projects, which will also promote Latvia’s energy independence,” said SEB Board Member Jevgenijs Ivanovs.
For homeowners and businesses in Germany, such large-scale renewable projects in neighboring European countries are also significant. They contribute to a more integrated and resilient European energy grid, supporting the goals of Germany’s own Energiewende. A stronger, greener regional grid enhances energy security for everyone and can help stabilize electricity prices in the long run.
The €85 million financing deal between Sunly and SEB is a major milestone for renewable energy in Latvia and the wider Baltic region. The construction of these solar parks will not only provide clean, reliable energy to thousands of households but will also significantly advance the region’s decarbonization goals, aligning with the global push towards a more sustainable future.
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